Sachin Bansal quits Flipkart as he becomes excess to Walmart's plans

US retailer Walmart Inc yesterday acquired 77 per cent stake in Flipkart for about $16 billion in its biggest acquisition to date. The deal values the 11-year old Indian e-commerce firm at $20.8 billion.

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Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on. Recent events have left him on the sidelines as the company he co-founded a decade ago notched up its biggest milestone.

Sachin Bansal will sell his 5.5 per cent stake for about $1 billion and exit the company he co-founded with IIT-Delhi college mate, leaving behind questions on his abrupt departure.

Also Read: Walmart Is Purchasing Majority Stakes In Flipkart According To SoftBank CEO

The departing Bansal took to Facebook to upload an emotional message as he bids goodbye to his baby project which sealed the world's largest e-commerce deal.

I'll be taking some long time off and focus on finishing a few personal projects which I haven't been able to find time for. Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills. Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart. I will always cherish the relationships I’ve built and amazing experiences I’ve had. Wishing all the best to the whole team," 

Sachin Bansal on Facebook.

Sachin and Binny Bansal (who are not related) formerly worked for Amazon.com Inc, like their US rival began by selling books when they founded Flipkart. US retailer Walmart Inc yesterday acquired 77 per cent stake in Flipkart for about $16 billion in its biggest acquisition to date. The deal values the 11-year old Indian e-commerce firm at $20.8 billion.

Amazon.com Inc. had earlier made a formal offer to buy a 60 per cent stake in Indian online retailer but the deal didn't go through. 

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